v3.26.1
Cash, Cash Equivalents, and Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2026
Cash and Cash Equivalents [Abstract]  
Schedule of Amortized Cost, Unrealized Gains and Losses and Estimated Fair Value of the Cash, Cash Equivalents and Marketable Securities
The amortized cost, unrealized gains and losses, and estimated fair value of the Company’s cash, cash equivalents, and marketable securities as of March 31, 2026 and December 31, 2025 consisted of the following:
As of March 31, 2026Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$307,010 $— $— $307,010 
Money market funds9,156 — — 9,156 
Commercial paper89,160 — (24)89,136 
Corporate bonds352 — — 352 
Total cash and cash equivalents405,678 — (24)405,654 
Debt securities:
U.S. agency securities108,104 93 (149)108,048 
U.S. treasury securities510,068 651 (678)510,041 
Commercial paper88,351 9 (18)88,342 
Corporate bonds469,436 588 (664)469,360 
Total debt securities1,175,959 1,341 (1,509)1,175,791 
Total cash, cash equivalent, and debt securities$1,581,637 $1,341 $(1,533)$1,581,445 
Other:
Bitcoin exchange traded fund(1)
57,019 
Total cash, cash equivalents, and marketable securities$1,638,464 
__________________
(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
As of December 31, 2025Amortized costUnrealized gainsUnrealized lossesFair value
Cash and cash equivalents:
Cash$318,304 $— $— $318,304 
Money market funds9,543 — — 9,543 
Commercial paper69,846 2 (4)69,844 
Corporate bonds5,778 — — 5,778 
Total cash and cash equivalents403,471 2 (4)403,469 
Debt securities:
U.S. agency securities93,467 288 (1)93,754 
U.S. treasury securities513,335 2,025 (1)515,359 
Commercial paper123,465 60 (8)123,517 
Corporate bonds444,515 1,654 (14)446,155 
Total debt securities1,174,782 4,027 (24)1,178,785 
Total cash, cash equivalent, and debt securities$1,578,253 $4,029 $(28)$1,582,254 
Other:
Bitcoin exchange traded fund(1)
73,689 
Total cash, cash equivalents, and marketable securities$1,655,943 
__________________
(1)The Bitcoin exchange traded fund was initially measured at the transaction price and is carried at fair value.
Schedule of Debt Securities
The following table presents debt securities, including debt securities classified as cash equivalents, by contractual maturities:
As of March 31, 2026
Amortized Cost Fair Value
Due within one year$633,034 $633,680 
Due in one year through five years632,437 631,599 
Total$1,265,471 $1,265,279 
As of December 31, 2025
Amortized Cost Fair Value
Due within one year$654,048 $655,302 
Due in one year through five years596,358 599,105 
Total$1,250,406 $1,254,407 
Schedule of Unrealized Loss Position on Investments The following tables present the breakdown of the marketable debt securities, including debt securities classified as cash equivalents, that had been in a continuous unrealized loss position aggregated by investment category as of March 31, 2026 and December 31, 2025:
As of March 31, 2026
Less than twelve monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$60,588 $(149)$— $— $60,588 $(149)
U.S. treasury securities205,301 (678)— — 205,301 (678)
Commercial paper154,253 (43)— — 154,253 (43)
Corporate bonds233,939 (663)— — 233,939 (663)
Total
$654,081 $(1,533)$— $— $654,081 $(1,533)
As of December 31, 2025
Less than twelve monthsMore than twelve monthsTotal
Fair ValueGross Unrealized LossFair ValueGross Unrealized LossFair ValueGross Unrealized Loss
U.S. agency securities$3,267 $(1)$— $— $3,267 $(1)
U.S. treasury securities959 — — — 959 — 
Commercial paper58,091 (12)— — 58,091 (12)
Corporate bonds27,027 (15)— — 27,027 (15)
Total
$89,344 $(28)$— $— $89,344 $(28)